Inside Evergrande Founder Hui Kayan's Extravagant Lifestyle Before Downfall
SingTao · 1 SOURCESabout 2 hours ago5 MIN
Summary
Court-appointed liquidators investigating China Evergrande have revealed the extraordinary opulence of founder Hui Kayan during the property developer's peak years, exposing a lifestyle funded by nearly 700 billion yuan in dividends since the company's 2009 listing. The founder, now detained with all assets frozen, accumulated over 53 billion yuan through his 70-percent-plus shareholding, while the company left 2.43 trillion yuan in debt and hundreds of thousands of buyers with unfinished properties. Overseas assets spanning Hong Kong, London, and Los Angeles are now being seized to repay creditors.
Key Points
- Hui Kayan owned three private aircraft: a Gulfstream G450 worth approximately 43 million USD and an Airbus A319 valued around 90 million USD .
- For ground transport, he maintained two extended Rolls-Royce Phantoms with license plates "粵A98888" and "HK3333," with vehicles flown in from other cities if local offerings proved substandard .
- In 2015, he purchased the Dutch-built 60-meter yacht "Event" for 67 million euros for personal leisure .
- Hotel stays required booking entire floors, a presidential suite, and a dedicated 10-person reception team assembled two months in advance, with dozens of bodyguards implementing strict elevator controls .
- His personal expenses included 7 million yuan yearly on premium Cuban cigars, imported Japanese melons costing over 1,000 yuan each, and a 200-member "Evergrande Song and Dance Troupe" recruited through ultra-selective auditions .
Why It Matters
The revelations illuminate how corporate governance failures enabled the systematic diversion of shareholder value to benefit controlling shareholders while the company accumulated unsustainable debt. As liquidators pursue Hui Kayan's frozen assets worldwide—from Hong Kong hillside villas to a London supermansion—the case sets a precedent for holding China's tycoons accountable for financial misconduct .
The revelations illuminate how corporate governance failures enabled the systematic diversion of shareholder value to benefit controlling shareholders while the company accumulated unsustainable debt. As liquidators pursue Hui Kayan's frozen assets worldwide—from Hong Kong hillside villas to a London supermansion—the case sets a precedent for holding China's tycoons accountable for financial misconduct .